Question:
Farm Branch Rentals needs some assistance in adding 2 new vendors & 2 new customers. Please add the following vendors and customers beginning balances to the company within the QuickBooks software. Be sure to include the balances as of December 1, 2014.
LMNOP Rental
4537 White Road
Siler City, NC 36647
Phone Number: 252-876-9987
Contact: Tim Waltz
Vendor Type: Supply
Account Balance: $2359
HJW Reality
543 Mill Lane
Smithfield, NC 65343
Phone Number: 252-667-9833
Contact: Nicole Smith
Vendor Type: Supply
Account Balance: $765
Geller Construction Company
76 Rock Quarry Road
Smithfield, NC 65463
Phone Number: 252-876-0032
Contact: Kevin Lowe
Customer
Account Balance: $2134
Rocks Etc.
712 Hwy 158 E
Siler City, NC 77634
Phone Number: 252-443-0976
Contact: Justin Tart
Customer
Account Balance: $543
After adding the vendors & customers, provide a report that explains the steps in detail, with screenshots showing how to add the vendors & the customers in the software. Write a memo of 350-500 words to Farm Branch Rentals and explain what the aged-payables & aged-receivables reports are and how they might be used to make management decisions from both the views of internal and external users. Be sure to include the required items that are needed and other items that you can think of that would be helpful in properly adding the vendors & customers.
Once completed, print the two reports in PDF format showing you the 4 accounts that you just added.
Submit the following for this assignment:
Include an aged-accounts payable report showing the correct set up of the vendor accounts.
Include the beginning balances for these accounts as of December 31, 2014.
Save the aged-payables report as a PDF document named P3-IP1_AP_LASTNAME.
· Include an aged-accounts receivables report showing the correct set up of the customer accounts.
Include the beginning balances for these accounts as of December 31, 2014.
Save the aged-receivables report as a PDF document named P3-IP1_AR_LASTNAME.
Include a memo of 350-500 words to Farm Branch Rentals that covers the following:
Explains the steps for setting up vendors & customers
Use screenshots to show how to add the vendors & customers in the software.
Include the required items that are needed and other items that you think of that would be helpful in properly adding vendors & customers.
What the aged-payables & aged-receivables reports are.
How they might be used to make management decisions from both the view of internal and external users.
Include how the reports would be used to make management decisions for the business.